Market Soapbox 01/15/08
TUE, double triple slam, DJIA -277 on higher volume with horrific internals. All DOWN BIG.
Bonds up BIG 10 yr yield -8bps 3.70, $ up vs 1.4834E & down BIG vs 106.861y, WTI down 2.5% $91.7, gold down $896. TED spread down -6bps 0.84%.
Mon: "Will the market be disappointed by or ignore results from US Bancorp, Citigroup, JP Morgan Chase...
Wells Fargo, Merrill Lynch, WaMu, PPI, CPI, Building permits, Housing starts? Thats alot of bad news to stomach."
Bad so far...SP500 gap down 1416 to 1411, plunge to 1380. NDX gap down 1949 to 1925, plunge to 1885, bounce to close 1894.
Tech's non immunity... since mid July SOXX -36%; since mid Oct consumer electronics -41%.
Intel reports after the bell, could a sugar laced report sucker in the brain dead for another dead cat bounce?
We see a large profit increase on channel stuffing, but lowered forward guidance due to slowing sales, this could bring the hammer down.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not not!
Bonds up BIG 10 yr yield -8bps 3.70, $ up vs 1.4834E & down BIG vs 106.861y, WTI down 2.5% $91.7, gold down $896. TED spread down -6bps 0.84%.
Mon: "Will the market be disappointed by or ignore results from US Bancorp, Citigroup, JP Morgan Chase...
Wells Fargo, Merrill Lynch, WaMu, PPI, CPI, Building permits, Housing starts? Thats alot of bad news to stomach."
Bad so far...SP500 gap down 1416 to 1411, plunge to 1380. NDX gap down 1949 to 1925, plunge to 1885, bounce to close 1894.
Tech's non immunity... since mid July SOXX -36%; since mid Oct consumer electronics -41%.
Intel reports after the bell, could a sugar laced report sucker in the brain dead for another dead cat bounce?
We see a large profit increase on channel stuffing, but lowered forward guidance due to slowing sales, this could bring the hammer down.
Often wrong, but never in doubt, this is the Nattering Naybob and you're not not!
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